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Subject:  Re: Obama's Secret Plan to Steal Your 401k Date:  2/7/2013  9:45 PM
Author:  NewEchota Number:  1858440 of 2015697

JoshRandall: And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments "asking for public comment on 'the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.'"

As a very rich man, Newt is unconcerned about outliving his savings. Unfortunately the same cannot be said for most Americans.

In the past Americans overcame the problem of outliving their savings by using private pensions that guaranteed a particular monthly benefit for life. Employers, though, preferred to shift risk to employees and replaced defined benefit pension plans with 401(k) plans, which leave it to the workers to invest that money well and to figure out how to use it to see them through their retirement years.

While annuitization of 401(k) balances is not necessarily appropriate for all 401(k) participants, it is an option worth consi